Slides
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2025, July 11 2025 First Half year results and outlook
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2Presentation of results for the first 1half of 2025 SOLID DEVELOPMENT MOMENTUM IN THE MEDIUM TERM > Housing Take-up rate(6 Month) > Housing orders> Land portfolio Logement (Number of lots) > Total Backlog (€ m, excl. VAT) 4.0 2,673 3,490 2,290 1,200 2,424 1,992 432 CP&O* Housing (Number) (€ m value incl.VAT) End May 2025 End May 2021 * End May 2022 2,609 2,400 2,780 H1 2025 H1 2021 H1 2021 H1 2023 H1 2024 561.8561.2569.7 End May 2023 4.1 4.5 2,090 583 End May 2021 End May 2024 32,66833,003 35,001 End May 2022 End May 2023 End May 2024 +8.7% = H1 2025 H1 2021 H1 2021 H1 2023 H1 2024 End May 2025 End May 2021 End May 2022 End May 2023 End May 2024 End May 2025 * Commecrial Property and Others
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The housing market
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4Presentation of results for the first 1half of 2025 CHANGES IN BUILDING PERMITS AND NEW HOUSING STARTS 12 MONTHS (in thousands) 395 370 345 320 295 270 -245 220 195 Permitted obtained Construction started ▪ Number permits and housing starts Market Source: ECLN - SDES, Sit@del2at end May 2025 Municipal March 2008 Municipal March 2014 Municipal June 2020 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 q2 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025
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5Presentation of results for the first 1half of 2025 20-year fixed mortgage rate French Govt Bond 10 Yr 20 YEAR FIXED MORTGAGE RATE VS 10 YEAR OAT IN FRANCE -2007 TO 2025
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Housing Activity
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7Presentation of results for the first 1half of 2025 TREND IN BUILDING PERMITS: KAUFMAN & BROAD VS. MARKET Source: ECLN and Kaufman & Broad > Building permit held by K & B vs. Market Total number (excluding detached homes) (12 months yoy June N-1 to May N) - (Base 100 - 2022) H1 2023 H1 2024 H1 2025
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8Presentation of results for the first 1half of 2025 TREND IN HOUSING STARTS: KAUFMAN & BROAD VS. MARKET Source: ECLN and Kaufman & Broad > K & B housing works starts vs Market Total number of (excluding detached homes) (12 months yoy June N-1 to May N) - (Base 100 - 2022) H1 2023 H1 2024 H1 2025
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9Presentation of results for the first 1half of 2025 SUSTAINED MARKETING * For 6 months, commercial offer end of period/Average reservations of the period (1) Kaufman & Broad estimated data based on available Adéquation and ECLN data for Q1 2025 (over 3 months) 9.1 Market average (Source ECLN) Kaufman & Broad H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 10.0 7.0 5.4 4.0 19.4 ▪ Take-up rate * - months 4.1 4.5 22.3 19.5(1)
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10Presentation of results for the first 1half of 2025 HOUSING ORDERS: CHANGE IN CUSTOMER BREAKDOWN First and second time buyers Investors Pinel device Excluding the Pinel system Blocks In volume In Value 24% 65% 36% 52% 2,609 Lots €561.8M 11% 12% > H1 2025 5% 18% 71% 5% 23% 66% 2,400 lots €561M 6% 6% > H1 2024
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11Presentation of results for the first 1half of 2025 DEVELOPMENT OF THE HOUSING LAND PORTFOLIO > Housing land portfolio - Number of lots ▪ Land reserve at the end of May 2025: ▪ > 6 years of activity ▪ 85 % (in lots) in tight areas ▪ Selectivity strengthened End May 2023 End May 2020 End May 2021 * 34,864 35,001 35,037 34,694 End May 2022 33,003 End May 2024 End May 2019 32,109 32,668 End May 2025
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12Presentation of results for the first 1half of 2025 2,383 1,988 HOUSING BACKLOG : STABILIZATION OVER THE LONG AVERAGE > Housing Backlog € M, Excl. VAT 2,3632,385 2,0532,069 1,670 1,961 1,360 1,983 1,992 End Nov. 2020 End Nov. 2021 * End Nov. 2022 End Nov. 2023 End Nov. 2019 End Nov. 2017 End Nov. 2016 End Nov. 2018 End of Feb. 2025 End May 2025 End Nov. 2024 Average 2016/2025: 2019
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13Presentation of results for the first 1half of 2025 COMMERCIAL OFFERING: 20% INCREASE H1 2024 H1 2025 1,951 1,626 Housing commercial offer – end of period (number) +20.0 %
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Urban planning and renewal policy
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15Presentation of results for the first 1half of 2025 ~ 600,000 M2 DE friches EN DEVELOPMENT Examples of projects Before Rehabilitation After Rehabilitation ▪ Number of trees/shrubs: 5 ▪ 8,755 m2 ▪ Dewatered area: 14,904 m2Grand-Est ▪ Creation of a new neighbourhood of houses and shops Project in Île-de-France ▪ 5 ha of business park restructuring Project Hauts-de-France ▪ 8 ha of industrial wastelands Polluted ▪ 300 free and social housing ▪ Landscaped public spaces of 3.6 ha ▪ Landscaping permits obtained Occitanie project▪ 20 ha of Commercial Property wastelands at 3 sites ▪ 1,500 free and social housing units (>100,000 Sq.m) ▪ Remodelling/creation of green spaces, a medical center, a nursery and retail area ▪ Clean up of soils, creation of 12,663 Sq. m of open land and planting of 1700 trees and shrubs ▪ Creation of a network of geothermics on table for the district ▪ Nearly 400 free and social housing units under a PAU ▪ Rainwater and public spaces management Project Normandy ▪ 8 ha of wastelands Project Hauts-de-France ▪ 3.4 ha of industrial wastelands ▪ Development concession ▪ 340 free and social housing ▪ 5,000 Sq. m of activity
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16Presentation of results for the first 1half of 2025 THE VERLINDE FARM IN LOOS(59) - AN INDUSTRIAL HERITAGE Land area of 34,000 Sq. m with a floor area of 28,000 Sq. m (o/w): ▪ 17,500 m2 industrial buildings ▪ 2,200 m2 road supplies ▪ VERLINDE' old workshops in Lille, specialized in the manufacture of electric lifting devices, hoists and cranes ▪ Washed site since 2018 and acquired by the EPF, which launched the deconstruction work in February 2025.
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17Presentation of results for the first 1half of 2025 THE VERLINDE FRIDGE IN LOOS(59) - A NEW DISTRICT Eventually, the project will consist of: - 320 housing unit's o/w 30% social , 30% intermediate, 40% accession - 5,000 m ² dedicated to shops, third parties and Companies - The preservation of several witnesses of heritage such as the Portal, the brick building, the corner house of J.J. Rousseau Street, and part of the central building - A green mail crossing The district will be connected to the urban heat network. ▪ Allocation of development concession: May 2025 ▪ Planned Development Permit filing in 2026, ▪ Eco neighbourhood labelling with an approach to reuse brick,
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18Presentation of results for the first 1half of 2025 COURBEVOIE(92) - OFFICE CONVERSION INTO HOUSING BAT B Student Residence ▪ Initial area: 10,070 Sq. m of office Demolished areasAreas retained ▪ Acquisition by Kaufman & Broad in 2025 of the company holding the land and the building permit obtained in 2023 ▪ Area after transformation: 18,823 Sq. m
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19Presentation of results for the first 1half of 2025 COURBEVOIE(92) - OFFICE CONVERSION INTO HOUSING BAT B BAT A BAT C BAT D ▪ Student residence ▪ 147 one-room apartment ▪ Social residence ▪ 191 homes ▪ Family homes ▪ 123 homes ▪ Public landscaped park of about 4,000 Sq. m ▪ 40% additional full ground ▪ 42 trees to plant
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20Presentation of results for the first 1half of 2025 ▪ Opening weekend: 35 bookings on 60 apartments on marketing ▪ Demolition and start of works: Q4 2025 ▪ Forecast delivery: Q2/Q3 2028 COURBEVOIE(92) - OFFICE CONVERSION INTO HOUSING
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21Presentation of results for the first 1half of 2025 PORTE DES ARTS’ PROJECT IN CHAMBRAY-LÈS-TOURS (37): CREATION OF A NEW LOW-CARBON NEIGHBOURHOOD ▪ 5.7 hectares combining urban development and renaturation Land 1 • Hotel • Student residence • Housing for accession • Restaurant • Supermarket • Nursery • Personal services • Office space • Inclusive Residence Land 2 • Housing for accession • Restaurant • Padel Land 3 • Bakery or restaurant • Building for traveler's (HSLB : high service level bus) • Office space • Managed residence
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Business Property
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23Presentation of results for the first 1half of 2025 COMMERCIAL PROPERTY ACTIVITY IN THE FIRST HALF-YEAR Vs €54.4 M (excl. VAT) in H1 2024 Vs €21.7 M incl. VAT In H1 2024 Offices 49,300 sq. m Logistics 60,700 sq. m Logistics 144,600 sq. m 110,000 m ² In progress Development 199,800 m ² under marketing Offices 55,200 sq. m €85.7M excl. VAT Revenue -0.5 M € incl. VAT Orders Vs €583.4M excl. VAT at end May 2024 431.5 M € excl. VAT Backlog 13,500 Sq. m DPM contracts (delegated project management) 113,500 m ² In progress Construction Offices 100,800 sq. m Logistics 12,700 sq. m
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24Presentation of results for the first 1half of 2025 AUSTERLITZ - A MAJOR CONSTRUCTION SITE PROGRESS OF WORK
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25Presentation of results for the first 1half of 2025 AUSTERLITZ - A MAJOR CONSTRUCTION SITE PRE VISIONAIRE RECOGNITION OF REVENUES TO CEMENT 2024 50% 69% 86% 2025 2026 2027 100 % Deliveries Date Cumul. 50% 19% 17% 14% Actual cumul. At 30/11/2024: Projected completion recognition of Revenues for:
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Extra financial CSR results
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27Presentation of results for the first 1half of 2025 SBTI * VALIDATION OF THE STRENGTHENING OF THE CARBON TRAJECTORY OF KAUFMAN & BROAD ▪ Reduction in carbon emissions between 2019 and 2030 by: ▪ Easily meet the 2025 thresholds of the RE2020 for PCs submitted in the 1st half of 2025 ▪ -46.2% on scopes 1 and 2 * *, aligned to a scenario 1.5° C ▪ Actions: Electrification of mobility and low energy ▪ -46.2% on scope 3 * * * ▪ Actions: Electrification of projects (heat pumping and R & D), plan quality, soft matter, responsible purchasing (less carbon and/or biosourced components). * SBTI: Science Based Targets Initiative * * Scope 1 and 2: Company operations * * * Scope 3: Manufacture and use of real estate projects
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28Presentation of results for the first 1half of 2025 KAUFMAN & BROAD RECEIVES ‘BEST MANAGED COMPANIES’ LABEL FOR THE FOURTH YEAR IN A ROW ▪ For the fourth consecutive year, the Best Managed Companies label rewards Kaufman & Broad's business model, particularly characterised by financial solidity and the implementation of a very clear CSR roadmap. ▪ Kaufman & Broad is one of the 28 French companies rewarded by the Best Managed Companies label for the 2025 edition. ▪ This programme was founded more than thirty years ago by Deloitte Canada. It is now present in over 46 countries, with a total of 1,300 companies worldwide.
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Financial performance
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30Presentation of results for the first 1half of 2025 Revenue: Housing (Apartments, Single-family homes in communities, managed residences) €406.0M vs. €389.6M Commercial property (Offices, retail and logistics) €85.7M vs. €54.4M €499.4M Q3 €283.5M H1 €605.8M €452.5M Housing 86% Commercial property 12%2% * Others (Showroom, Service residences, MOD, etc.): €7.7M vs. €8.5M Housing 81% Commercial property 17% H1 2025 2% * H1 2024 +10.4%
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31Presentation of results for the first 1half of 2025 FROM REVENUES TO UNDERLYING OPERATING PROFIT Revenue Cost of revenues Gross profit Current operating expenses Current operating income 499.4 (394.6) 104.8 (66.2) 38.621.0% of sales 7.7% of sales In millions of euros
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32Presentation of results for the first 1half of 2025 OPERATING MARGIN > Current Operating Margin (In% of revenues) 8.0% 7.7% 7.6% 2023 2024 2025
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33Presentation of results for the first 1half of 2025 FROM UNDERLYING OPERATING PROFIT TO NET PROFIT Current Operating income Net Cost of Financial Debt Taxes QP Earnings from associates and joint ventures Income Consolidated net Non-controlling interests Attributable Net income In millions of euros 7.7% of sales 38.6 (3.6) (5.0) (0.6) 29.4 (6.2) 23.2 5.9% Sales
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34Presentation of results for the first 1half of 2025 CHANGE IN WORKING CAPITAL At end May 2023 177.0 At end May 2022 24.7 1.6% At end May 2021 116.9 8.4% (As of % of revenues) 14.2% At end May 2024 -138.4 -13.7% At end May 2025 -296.5 -26.4% At end November 2024 -289.2 -26.9% > In millions of euros (over 12 months yoy)
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35Presentation of results for the first 1half of 2025 Net cash position (Excluding IFRS 16 and Put Néorésid lease debt) CONSOLIDATED BALANCE SHEET AT 2025, MAY 31 Non-current assets Working Capital Requirement Non-current liability 217.1 Assets Liabilities 667.5 667.5 In millions of euros Shareholders' equity 99.9 153.9 296.5 276.8 390.7
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36Presentation of results for the first 1half of 2025 FINANCIAL STRUCTURE 30 Nov 2022 257.8 214.3 5.9 166.6 41.8 2.6 years (0.6) 23.1 150.0 - 101.0 351.1 In millions of euros 31 May 2025 30 Nov 2024 Shareholders" equity 217.1 235.7 Borrowings * 57.4 159.7 O/w financial debt < 1 year (excluding IFRS 16) 3.1 105.3 O/w financial debt > 1 year (excluding IFRS 16) - - O/w IFRS 16 and Put Néoresid lease debt 54.2 54.4 Financial debt maturity 0 year 0.5 year * Of which (excluding IFRS 16 debt and Put Néorésid): Loan issuance cost - 1.0 1.2 Bilateral lines/hedging instruments/other 4.1 6.4 Bond Loan - 100.0 Other borrowings 0.1 0.1 Cash and cash equivalents 393.8 502.9
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37Presentation of results for the first 1half of 2025 GROSS FINANCIAL DEBT Gross financial debt at 30 Nov 2024 (Excluding IFRS16 and Put Neoresid) €105.3M Repayment due May 2025 €100 M Maturity balance At end May 2025 3.1 * € m " investment grade " - ‘BBB-’ rating with stable outlook confirmed by Fitch Rating in August 2024 (constant rating since 2022). Fitch Rating notably mentions the solid commercial and financial profile of Kaufman & Broad, which proves resilient during periods of weak demand. It points out that Kaufman & Broad continues to maintain a positive net cash position, which comfortably covers all future debt maturities. Kaufman & Broad is currently the only pure promoter in Europe to benefit from an Investment Grade rating * Credit facilities, accrued interest, deposits received and borrowing issuance fees Change in other items €-2.2M
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38Presentation of results for the first 1half of 2025 NET CASH FLOWS IN 1ER YEAR 2025 Excluding IFRS 16 debt and Put Neoresid In millions of euros Share buyback & dividends Change in borrowings, net interest paid and lease payments IFRS 16 End Nov. 2024 49.8 1.3 Chg. WCR Taxes paid (6.0)(47.8) 5.0 Investments 4.3 Other (343.2) (390.7) (excluding IFRS 16 and Put Néorésid lease debt) End May 2025 (397.6) (Excluding IFRS 16 and Put Néorésid lease debt) (336.5) Cash Flow Net cash including IFRS 16 debt and Put Neoresid Net cash excluding debt IFRS 16 and Put Neoresid Virtually stable net cash after payment of €49.2M in dividends to KBSA shareholders' and minorities shareholders'
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39Presentation of results for the first 1half of 2025 CHANGES IN EQUITY AND NET FINANCIAL DEBT Consolidated equity Net financial debt/(Net cash and cash equivalents) excluding IFRS 16 and Put Néoresid lease debt In millions of euros 247.1 (54.6) 253.5 254.3 240.0 67.1 248.1 (101.7) 78.6 (46.4) End May 2020 End May 2019 End May 2022 End May 2021 End May 2023 (224.9) 212.9 End May 2024 217.1 (390.7) End May 2025
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Outlook
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41Presentation of results for the first 1half of 2025 Outlook (1) excluding IFRS 16 and Put Neoresid lease debt ▪ The outlook set last January for the whole of 2025 is maintained: ▪ Sales are expected to grow by c. 5%, ▪ The current operating profit (COI margin) or EBIT rate should be between 7.5% and 8%, ▪ Net cash(1) should remain significant after factoring in the payment of a dividend of nearly 43.1 million euros for FY 2024.
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42Presentation of results for the first 1half of 2025 WARNING Certain information contained in this document does not constitute historical data, but is forward looking. These forward looking statements are based on estimates, forecasts and assumptions in this included, in particular, assumptions regarding the present and future strategy of Kaufman & Broad and the economic environment in which Kaufman & Broad operates, which is significantly impacted by the current health crisis. These forward looking statements are only valid at the date of this document. Actual results could be significantly different from those presented explicitly or implicitly in these forward looking statements. Forward looking statements and information are not guarantees of future performance and are subject to risks and uncertainties that are difficult to predict and generally outside the control of Kaufman & Broad. These risks and uncertainties include those detailed and identified in Chapter 4 ‘Risk factors’ of Kaufman & Broad's 2024 Universal Registration Document filed with the Autorité des marchés financiers(AMF) on 28 March 2025 under number D.25-0194, available on the Company's website (www.kaufmanbroad.fr) and that of the AMF (www.amffrance.org). This document includes only summarised information and does not purport to be exhaustive.